The IRS doesn't care which of you is on title.

Vet them carefully.

Just be sure to research your target markets carefully to maximize returns.

If you carefully review it, you may find FACTUAL ERRORS!

I was told they take care of everything when setting up LLC.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

To protect this community, they are selective about the people bring in because we all want connect with people who are motivated, committed to the process, and excited about being part of a real estate investing community.

Also I understand the funds aren't available for the improvements so that is another obstacle that has me leaning towards price reductions to move on as soon as possible.The exit of lower tier SFH's is something very few investors care to consider when making their investments but deserves far more consideration. 

I definitely plan on building a team in the market we select. 

Personally, I would be careful in Florida.